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Re: SMD Exchange - another Carl Wright company!
The requirement is that
a: WITH IMMEDIATE EFFECT all the money Grass Roots holds for clients relating to debt managemetn activities whether deposited with a third party institution or otherwise may not as long as the requirement is in force be released, disposed of, or otherwise dealt with without prior written consent from the Authoirty
b. WITH IMMEDIATE EFFECT - Grass Roots must cease carrying on any business that involves the carrying on of regulated activities for which it has interim permissions from the authority. For the avoidance of doubt this requirment applies in respect of activities carried on by the firm itself as well as activities that mya be carried on by any of its appointed representatives or other agents of the firm.
c: GRASS ROOTS shall WITHIN 7 BUSINESS DAYS of the date of this application notift in writing by first class post or electronicallyt each of its customers and their clients creditors in a form approved by the authority prior to its dispatch that Grass Roots has agreed to a requirement to CEASE ALL ACTIVITIES regulated by the Authority ~INCLUDING DEBT MANAGEMENT BUSINESS.
d: d: Grass Roots shall within 10 business days of the date of this application provide the authority with the client list and the list of clients creditors to whom it has written and provide a copy of the letter
e: Grass Roots shall within 20 business days of the date of this application provide to the authority a credible plan to return the money it is holding for clients relating to debt management activities to those clients as soon as reasonable possible.
Signed by Eric Fairweather - 9th June 2014
The requirement is that
a: WITH IMMEDIATE EFFECT all the money Grass Roots holds for clients relating to debt managemetn activities whether deposited with a third party institution or otherwise may not as long as the requirement is in force be released, disposed of, or otherwise dealt with without prior written consent from the Authoirty
b. WITH IMMEDIATE EFFECT - Grass Roots must cease carrying on any business that involves the carrying on of regulated activities for which it has interim permissions from the authority. For the avoidance of doubt this requirment applies in respect of activities carried on by the firm itself as well as activities that mya be carried on by any of its appointed representatives or other agents of the firm.
c: GRASS ROOTS shall WITHIN 7 BUSINESS DAYS of the date of this application notift in writing by first class post or electronicallyt each of its customers and their clients creditors in a form approved by the authority prior to its dispatch that Grass Roots has agreed to a requirement to CEASE ALL ACTIVITIES regulated by the Authority ~INCLUDING DEBT MANAGEMENT BUSINESS.
d: d: Grass Roots shall within 10 business days of the date of this application provide the authority with the client list and the list of clients creditors to whom it has written and provide a copy of the letter
e: Grass Roots shall within 20 business days of the date of this application provide to the authority a credible plan to return the money it is holding for clients relating to debt management activities to those clients as soon as reasonable possible.
Signed by Eric Fairweather - 9th June 2014
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